Big tech braces for recession with litany of hiring freezes, layoffs

The tech industry is laying off workers at an alarming pace as it braces for a potential recession triggered by painfully high inflation and rapidly rising interest rates.

Despite still-solid job growth and record-high wages in many industries, big tech is battening down the hatches as it warns of an increasingly grim economic outlook.

Amazon, Apple, Meta, Lyft and Twitter are among the companies either implementing hiring freezes or letting workers go as the Federal Reserve moves to raise interest rates at the fastest pace in decades in order to combat inflation. Economists widely expect the Fed to trigger a recession with higher interest rates, which could force consumers and ultimately businesses to pull back on spending.